The U.S. Dollar Index saw an overall fluctuating decline this week. Federal Reserve Chair Wash noted that both inflation expectations and risks have eased. U.S. nonfarm payrolls rose by only 57,000 in June, with the previous figure revised downward, dampening near-term rate hike expectations and causing U.S. Treasury yields to fall.dollar bulls took profits, and the index closed at 100.87 on Friday, down 0.51%, marking its first weekly decline in three weeks.
Spot gold halted its decline and rebounded this week, briefly touching $4,200 per ounce on Friday, and posted its first weekly gain in five weeks.Weak nonfarm payrolls data dampened bets on a Fed rate hike, and the dollar’s pullback boosted gold’s appeal. Combined with the resumption of central bank gold purchases, safe-haven demand and rate-cut trades jointly fueled bullish sentiment. Silver outperformed gold this week, with its industrial attributes supported by improved risk appetite.Spot gold and silver closed at $4,174.66 and $62.38 per ounce, respectively, on Friday, up 2.29% and 6.1%.
International oil prices fluctuated and declined overall this week, with both Brent and WTI briefly falling to their lowest levels since the U.S.-Iran conflict, before stabilizing slightly ahead of the long weekend due to risk hedging. The resumption of shipping through the Strait of Hormuz and increased supply from Kuwait and Saudi Arabia suppressed risk premiums, shifting the market from a tight-supply trade to a wait-and-see stance.
U.S. stocks closed higher this week, with the S&P 500 up about 1.8%, the Nasdaq up about 2.1%, and the Dow Jones Industrial Average up about 2%, with the Dow hitting a new closing high. Weak nonfarm payrolls data eased pressure for interest rate hikes, but capital shifted from crowded chip and AI plays to the Dow, industrials, and cyclical stocks;The Philadelphia Semiconductor Index fell 5.45% on Thursday, with Nvidia retreating and SanDisk dropping 14%. Tesla fell about 7.5% after its delivery news was priced in, while Apple rose nearly 5%, supporting market sentiment. U.S. markets were closed on Friday for the Independence Day holiday.